Cattle futures continued their upward momentum on Tuesday, with both Live Cattle and Feeder Cattle contracts posting new highs. June Live Cattle futures settled $2.90 higher, while the cash market remained firm with choice and select boxed beef cuts showing notable gains. Daily slaughter numbers also saw a weekly increase, rising to 107,000 head.
In contrast, the hog market faced continued pressure. June Lean Hog futures drifted lower, approaching the critical 200-day moving average. The session also highlighted shifting volatility trends, as Feeder Cattle CVOL dropped to its lowest level since August, while Live Cattle CVOL saw a slight uptick from recent lows.